Radicle Growth, an agriculture and food-focused venture capital firm, and the supporting corn growers’ associations have announced investments in two companies identified through the Radicle Corn Value Chain Challenge, a pitch competition held by the firm.
The Radicle Challenge set out to invest a minimum of $1.5 million in startup and growth companies worldwide that are creating new uses for corn and long-term sustainable demand for corn, according to a news release. These companies are expected to develop new uses for corn that complement or replace fossil fuel-derived materials with plant-derived materials, such as sustainable aviation fuels, drop-in chemicals and plastics and compostable materials.
Two finalists – Låkril Technologies and New Iridium – each received $750,000. Låkril’s bifunctional catalyst enables the conversion of corn ethanol into bio-based acrylics, offering a sustainable alternative to traditional petrochemical methods. This innovation leverages sustainably produced corn to produce acrylics, reducing carbon emissions and helping meet the growing demand for eco-friendly chemical production solutions.
New Iridium’s photocatalysis platform allows for the production of low-cost, sustainable chemicals, such as acetic acid, from plants and carbon dioxide. The acetic acid value chain is currently reliant on petroleum, but innovations such as photocatalysis could enable sustainable production from corn-based bioethanol.
“As a farmer, it’s exciting to see companies like New Iridium and Låkril tapping into corn’s potential as a feedstock, unlocking its many benefits and helping to drive its demand,” Iowa Corn Growers Association Vice President Mark Mueller said in a prepared statement. “These innovators are finding new ways to convert corn into bio-based chemicals and green energy solutions. While U.S. corn farmers continue to boost productivity and yields while using less land and embracing more sustainable practices, we’re also facing growing global competition, which has led to supply outpacing demand. Innovations like these, along with initiatives like the Radicle Corn Value Chain Challenge, not only help create the demand needed to match supply but also pave the way for a more sustainable and prosperous future for farmers and the industries that depend on us.”
